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Debt Management Plans

A Debt Management Plan (DMP) is a way of bringing down your current monthly repayments. Your creditors are asked to accept lower payments from you and to make other concessions too, such as freezing interest.

ClearStart can help?

ClearStart acts on your behalf as soon as you ask us to start a Debt Management Plan. We contact all of your unsecured creditors, explain your situation and negotiate with them on your behalf. If a creditor chases you for payment while this is happening, you can refer them to us.

Assuming that negotiations are successful, you will be able to start making just one repayment to us every month. This single payment replaces all of your current repayments to unsecured creditors.

Advantages of Debt Management
	Monthly payments are affordable
	Interest is sometimes frozen
	Your home is not at risk if you keep up payments
	Your friends and family don't have to know
	ClearStart will deal with all of your creditors
	You have access to help if creditors contact you

Disadvantages
	It isn't legally binding
	Chasing can continue
	The debt does not go away (it can get worse)
	A DMP can take a long time to complete
	Your credit rating is harmed, with many missed payments
	Interest can sometimes continue building up

 

How much do Debt Management Plans cost?

Many companies charge fees for Debt Management Plans but ClearStart pays 100% of your contributions to lenders and we even pay the last two contributions for you. These are the best terms in the UK – not even charities can match them.

Crucially, ClearStart is not funded by the banks, credit card providers or other creditors. It means we will recommend a Debt Management Plan only when it's the best choice for you, and we will work hard to negotiate a fair deal with creditors to help you to become debt free. ClearStart does not have to meet any Debt Management Plan 'quotas', so you can be sure that the services and advice you receive is independent.

It is important to note that Debt Management Plans are not legally binding and does not often give a final settlement to your debts, although there are exceptions to this. Debt Management Plans can be useful, however, for many people.

Please note that Debt Management Plans may:

• Lead to an increase in the sum to be repaid
• Lengthen the repayment period
• Additional fees or interest may be charged by your creditors
• Credit rating may be effected if not already so

 

Give us a call on 0800 988 9345 for impartial advice on
Debt Management Plans.

Further Reading:
Debt Help | Debt Advice | Debt Solutions | How Debt Management Plans Work | What is Debt Management | Compare Debt Solutions |

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